Shares of energy producers ticked down as the price of oil foundered around the psychologically significant $50-a-barrel level. Among the data weighing on oil prices was a Reuters survey showing that OPEC production rose to its highest level in seven months last month. BP said it could now turn a profit with oil prices at these levels, saying its could break even with oil as low as $47 a barrel. BP swung to a second-quarter profit even as it absorbed further costs from the 2010 oil spill and as oil futures remained stuck in the $40s. A fire outage at the largest oil refinery in Europe, a Royal Dutch Shell facility in the Netherlands, is ongoing, driving up prices of oil derivatives.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 01, 2017 16:18 ET (20:18 GMT)